Ok, that trailer plugged directly into my Want glands. Excellent art direction and they chose a great tune
I am tempering my hype until we hear more about what the actual game is like.
Procedural content is all well and good, but it tends to result in environments that are different in the details, but are thematically uniform. Taking minecraft as an example, you can walk through 100km of Plains biome and never see anything surprising. The generation is constrained by rules: "Hills no steeper than this", "these plants, in this distribution", "this colour of grass". The only true variation comes from the transition to other biomes, whose rules are hand-made.
The big challenge for PG on this scale is to procedurally generate those rules, to allow for genuinely surprising and new landscapes, whilst preventing "broken" rulesets that result in unplayable or implausible terrain. It's very hard to do. There are so many possible planets out there, so many chemistries, orbits, tectonics, weather systems, biospheres and so on, all of which affect the look of a place. Lots of interesting reading on the topic here:
http://vterrain.org/Elevation/Artificial/
The same goes for plants and animals. The systems have to be very very sophisticated, or you'll just end up with Red Fish with Big Fins, Green Fish with Four Fins, and you'll easily see how it's a kit of parts. Spore did excellent work in this regard, allowing all sorts weird and wonderful creatures to be created and animated. This paper details the system they used
http://chrishecker.com/Real-time_motion_retargeting_to_highly_varied_user-created_morphologies. The other part of the problem, generating the creatures themselves, is another matter....
So I am excited by the idea (it's always been an exciting idea), but it will take some serious chops to pull off well. Good luck to them, and they've got my money if they Kickstart.
EDIT: Assuming it's coming to PC, of course
